(''Perusahaan Tambang Minyak Negara'', lit. 'State Oil Company') is an
Indonesia n government-owned
Corporation which runs the country oil & gas reserves.
Article 33 of
National Act 1945 emphasizes that "Land, water and their containing natural resources are possessed by the state and are used for people's utmost wellbeing". Based on this Article, the privilege to manage oil industry is in the government's hand.
In 1960, the Congress stated a policy that oil and ground gases mining are only permitted for the state, through a state company. The involvement of foreign party was bonded by contract since then. Afterward, an agreement between the state and foreign companies was affirmed that gradually, oil
Refinement manufactures and other assets in marketing and distribution are vended to Indonesia throughout 5 - 15 years.
To accommodate the agreement, two national companies were established at that time. Pertamina was responsible for the administration, management and controlling of the exploration and production.
Meanwhile, Pertamina conducted the oil distribution's process for the entire nation.
Permina founded
Apprentice Technique School (''Sekolah Kader Teknik'') in
Brandan to fulfill the needs of experts on oil's area. Permina also established
Oil Academy in
Bandung at 1962. Oil Academy's curriculum consists of several aspects in oil industry, and the graduates turned into the main forces in
Pertamin (which later transformed to Pertamina).
In 1968, to consolidate oil and gas industry for its management, exploration, marketing and distribution, Permina and Pertamin merged and became PN. Pertamina.
Pertamina has legally transformed to be PT. Pertamina (
Persero ) since September 17, 2003 by the enactment of Government Regulation No.31/2003. Pertamina is now under the coordinator of the State Minister of State-owned Enterprises.
Like other contractors, as a business player Pertamina also holds Cooperation Contract to Oil and Gas Regulatory Body. Due to the transformation to be a
Limited Liability Company , Pertamina becomes a pure business entity which is more profit oriented.
Currently Pertamina owns 7
Oil Refineries which have a capacity of 1,041.2 thousand barrels, 2 gas reserves with a capacity of 31 tons per year, and a petrochemical company.
Pertamina's products include:
